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Parkmead Group RNS Release

Parkmead Preliminary Results Statement 2015

RNS Number : 4034G
Parkmead Group (The) PLC
20 November 2015
 



20 November 2015

 

The Parkmead Group plc

("Parkmead", "the Company" or "the Group")

 

Preliminary Results for the year ended 30 June 2015

 

Parkmead, the UK and Netherlands focused oil and gas group, is pleased to report its preliminary results for the year ended 30 June 2015.

 

HIGHLIGHTS

 

Successful exploration leading to increased gas production

 

·      First commercial gas production achieved at the Diever West gas field in the Netherlands, following a successful fast-track development

·      The Diever-2 discovery well was flow tested at 29 million cubic feet per day (approximately 5,000 barrels of oil equivalent per day)

·      Further production enhancement work planned on Parkmead's low operating cost Netherlands portfolio, including a new well at the Geesbrug gas field to maximise gas production, serving as a natural hedge to the current low oil price environment

·      Awarded nine new oil and gas licences in the UKCS 28th Licensing Round, covering a total of 12 offshore blocks

·      Awards include significant new acreage and proven oil fields in the vicinity of the major Parkmead-operated Perth Dolphin Lowlander (PDL) oil hub development

·      Detailed technical work undertaken this year has allowed Parkmead to release non-core acreage, significantly reducing licence costs 

 

Continued progress on valuable development projects

 

·      Entered into a Heads of Agreement outlining the structure of a joint development of the Perth, Dolphin and Lowlander fields after detailed technical analysis and development planning work

·      The PDL project has been fully appraised, with a combined total of 13 wells drilled, and has expected recoverable reserves of approximately 80 million barrels of oil, double the initial recoverable reserves of a standalone Perth development 

·      Platypus gas field development advancing well, with the draft Field Development Plan (FDP) submission expected in the coming months

 

Reserves and resources increasing

 

·      Considerable 2P reserves of 26.1 million barrels of oil equivalent as at 30 June 2015

·      Contingent resources increased by 129% to 41.9 million barrels of oil equivalent as at 30 June 2015 (18.3 million barrels of oil equivalent at 30 June 2014)

 

Strategically positioned for further acquisitions

 

·      Six acquisitions, at both asset and corporate level, have been completed since positioning Parkmead as a new independent oil and gas company

·      Parkmead is well capitalised with over US$60 million (£41.1 million) of total cash resources at June 2015

·      The Parkmead team is evaluating further acquisition opportunities to take advantage of the current low oil price environment

 

 

Financial Strength

 

·      Revenue during the period remained relatively strong at £18.6 million (2014: £24.7 million)

·      Total assets stood at £105.6 million at 30 June 2015 (£127.4 million at 30 June 2014)

·      Raised approximately US$21.1 million (£13.4 million) in May 2015 to accelerate opportunities

·      Substantial cash balances of £41.1 million as at 30 June 2015

 

 

Parkmead's Executive Chairman, Tom Cross, commented:

 

"I am pleased to report another important year of progress for Parkmead, despite the challenges of the low oil price environment. Parkmead discovered and has now brought onstream a new gas field at Diever West, in the Netherlands. This will deliver profitable gas production and important additional cash flow to the Group. We have successfully brought this new gas field onstream within 14 months of discovery, which is an outstanding achievement.

 

Parkmead is increasing the Group's net gas production in the Netherlands through a low-cost, onshore work programme. This will act as a natural hedge to the very low global oil prices. 

 

Our major new licence awards in the UKCS 28th Round were an impressive result for Parkmead, with 12 new offshore oil and gas blocks awarded to the Group. We were delighted with the awards located close to Parkmead's PDL development, as they have the potential to add significant value to our assets in this area.

 

Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this. We have excellent regional expertise, significant cash resources, and a growing low-cost gas portfolio. The Group will continue with its licensing and acquisition-led growth strategy, securing opportunities that maximise long-term value for our shareholders."

 

 

For enquiries please contact:

 

The Parkmead Group plc

Tom Cross (Executive Chairman)

+44 (0) 1224 622200

Ryan Stroulger (Chief Financial Officer)   

+44 (0) 1224 622200



Panmure Gordon (UK) Limited (Financial Adviser, NOMAD and Corporate Broker to Parkmead)

Mark Taylor

+44 (0) 20 7886 2500

Karri Vuori

+44 (0) 20 7886 2500

James Greenwood

+44 (0) 20 7886 2500



Instinctif Partners Limited (PR Adviser to Parkmead)

David Simonson

+44 (0) 20 7457 2020

Anca Spiridon   

+44 (0) 20 7457 2020

 

 

CHAIRMAN'S STATEMENT

2015 has been an important year of progress for Parkmead, despite the challenging low oil price environment. Building on the excellent momentum generated in 2014, the Company discovered a new gas field at Diever West in the Netherlands. The field was flow tested at 29 million cubic feet per day (approximately 5,000 barrels of oil equivalent per day) and was tied into existing onshore facilities, with first commercial gas production achieved in November 2015.

Parkmead has also enjoyed a highly successful period of exploration activity through the recent UK 28th Licensing Round awards, winning nine new oil and gas licences spanning 12 attractive offshore North Sea blocks. These awards include significant new acreage and proven oil fields within the vicinity of the Parkmead operated Perth Dolphin Lowlander (PDL) oil hub development. 

Operations and Portfolio Growth

The Group has made considerable progress towards building an independent oil and gas company of significant scale, by developing its current portfolio and adding new assets through the licensing round process.  

Major progress has been made this year across Parkmead's licence portfolio in the Netherlands. In September 2014, a new onshore gas field was discovered at Diever West. The Diever-2 well found gas in a good quality Rotliegendes age sandstone reservoir. A 157 foot gas column was encountered, with both net pay and porosity values exceeding pre-drill expectations. The well was flow tested after the successful discovery and recorded an excellent flow rate of 29 million cubic feet per day (approximately 5,000 barrels of oil equivalent per day). Diever West has been tied into existing production facilities under a fast-track and low-cost development, and first commercial gas production was achieved in November 2015. Parkmead has worked closely with the field operator, Vermilion Energy, on the fast-track development of the field and the joint-venture group successfully brought the field onstream within just 14 months of discovery. This is an outstanding achievement.

Parkmead's gas assets in the Netherlands continue to provide a robust revenue stream and net cash flows to the Company. A number of enhanced production opportunities are available across Parkmead's existing Netherlands portfolio which the Company intends to capitalise on, with the aim of significantly increasing our net gas production. These include a new low-cost infill well at Geesbrug, and a further exploration target at De Mussels. The new production from Diever West and the additional Geesbrug well are forecast to more than treble Parkmead's net gas production in the Netherlands. This gas derived revenue will act as a natural hedge against low and volatile oil prices.

Parkmead also enjoyed a highly successful year of licensing round awards. In November 2014, the Group was awarded six new licences covering a total of nine offshore blocks in the first tranche of awards under the UKCS 28th Licensing Round. These new licences contain opportunities across the Central and Southern North Sea areas, and are all operated by Parkmead. Three of the new licence awards significantly increase Parkmead's asset base in the vicinity of the Company's major PDL oil hub development project, which is one of the largest undeveloped oil projects in the North Sea. This newly awarded acreage also contains exploration prospects in addition to sizeable proven oil accumulations, such as the Buzzard sandstone discoveries at Polecat and Marten. Polecat was discovered in 2005 and appraised in 2010. The 2010 appraisal well was flow tested at 4,373 barrels of oil per day. The Marten discovery was made in 1984, encountering three oil bearing sandstones of Upper Buzzard age. Three additional blocks were awarded to Parkmead in the PDL vicinity, one situated adjacent to the Perth oil field, and two further blocks located approximately 12km north of Perth containing the exciting Upper Jurassic Piper Formation oil prospects, Fynn and Penny. These new strategically positioned licences have the potential to add significant value to the PDL project.

In July 2015, Parkmead was awarded a further three new licences as part of the 28th Licensing Round covering three offshore blocks. Two of the new licences are located in the highly prospective West of Shetland area adjacent to existing Parkmead blocks. Detailed mapping of these blocks indicate two new exploration targets, Sanda North and Sanda South, as well as an extension of Parkmead's large Cretaceous Eddystone prospect. The third licence award in this suite of awards is located in the Southern Gas Basin, an area where the Company has a deep technical knowledge of the exploration plays, and is building a valuable portfolio of targets. Parkmead has already enjoyed significant success in the Southern Gas Basin with the gas discoveries at Platypus and Pharos. Seven prospects and leads have been identified on the new Southern North Sea licence with Lower Leman targets, the most important of which is a prospect called Selene.

Parkmead's experienced team of geoscientists have already begun several work programmes across these licences, with detailed petrophysics and mapping work underway. Parkmead will continue to invest heavily in licensing round applications, both in the UK and overseas, and views this as a key component in the Group's strategy to build an attractive and balanced portfolio that offers significant exploration upside.

Key progress has been made during the year towards a joint development of the Perth, Dolphin and Lowlander fields. A Heads of Agreement was signed in August 2014 to progress the future joint development of the PDL fields. The agreement provides the framework needed to bring the enlarged project together, and outlines partner cooperation with regards to equity alignment and the future work programme. Parkmead, as the Perth-Dolphin operator, continues to work closely with its PDL project partners to maximise oil reserves and financial returns from the project, and from the wider regional area. The three fields are fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million barrels. It is expected that recoverable reserves from the PDL oil hub development will be over 80 million barrels of oil, double the initial recoverable reserves of Perth as a standalone project.

Results

The Group's revenue for the year to 30 June 2015 was £18.6m (2014: £24.7m). As expected, the significant reduction in global oil prices has in turn reduced the Group's revenue during the period. During this time, the price of oil has fallen from near US$110 per barrel, to seven-year lows of below US$50 per barrel. This has severely impacted the revenues and cash flows of oil and gas producers globally. Parkmead and its co-venturers have worked hard to reduce operating costs across the entire asset portfolio to reflect the substantially altered macro environment. The higher cost of sales during the period principally reflected Parkmead's increased working interest in the Athena oil field, acquired through the purchase of an additional 20 per cent. interest in Athena from EWE VERTRIEB GmbH in April 2014. Against the backdrop of lower oil prices and therefore declining revenues compared to the relatively fixed Athena cost base, the contract for the BW Athena FPSO was re-negotiated and the new, improved terms became effective from June 2015, substantially reducing operating expenditure from this point forward. Administrative expenses provided a credit of £1.2m (2014: £5.7m expense), arising principally from the lower share price impacting the non-cash share based payment charge. The Group recorded a post-tax loss of £31.4 million, which includes a non-cash impairment charge of £12.9 million recorded in the period, which relates to the impact on the Athena field of the collapse in global oil prices.

Parkmead's total assets at 30 June 2015 were £105.6m (2014: £127.4m). Available-for-sale financial assets were £3.3m (2014: £4.8m). Cash and cash equivalents at year end were £41.1m (2014: £46.3m) and Parkmead has minimal debt. The Group's net asset value was £80.5m (2014: £99.7m). Parkmead is therefore well positioned to withstand the current market conditions, and indeed views the current macro environment as an opportunity for further growth. This is as a result of experienced portfolio management and a strong focus on capital discipline.

In line with its strategy, Parkmead has shown a strong track record for value-adding transactions, at both the asset and corporate level. The Group's acquisitions to date have expanded its oil and gas asset portfolio significantly, which now covers the entire asset life cycle from exploration through to development and production. In May 2015, the Group raised approximately US$21.1 million through a successful placing of 11,200,000 new ordinary shares, to accelerate work programmes and offer the Company greater flexibility to take advantage of opportunities that are becoming available as a result of lower oil prices.

Following this successful placing, the Group's total ordinary shares in issue increased to 98,929,160 (2014: 87,729,160).

Due to Parkmead's ongoing growth and investment programme, the Board is not recommending the payment of a dividend in 2015 (2014:£nil).

Investments

The Group's principal available-for-sale investment is its shareholding in Faroe Petroleum plc ("Faroe") (LSE AIM: FPM.L). As at 30 June 2015, the value of this investment was £3.3m (30 June 2014: £4.8m). Faroe's closing share price at 30 June 2015 was 85.25 pence per share.

Outlook

The Directors of Parkmead are pleased with the Group's continuing progress in building an independent oil and gas company of increasing scale. With a balanced asset base, new oil and gas licences and a strong balance sheet, we believe Parkmead is well positioned to build further on the progress to date and to capitalise on new opportunities. In addition, we are excited by Parkmead's new gas production at Diever West and the new licence awards in the vicinity of the major PDL project, which increase our strategic position in the region.

As we move towards 2016, Parkmead maintains its appetite for acquisitions and will also seek to add shareholder value through a dynamic work programme. The Group has built a strong platform from which to become a key E&P player in the North Sea, and we look forward to updating shareholders as we make further progress.

 

Tom Cross

Executive Chairman

19 November 2015

 

Notes:

1.   Dr Colin Percival, Parkmead's Technical Director, who holds a First Class Honours Degree in Geology and a Ph.D in Sedimentology and has over 30 years of experience in the oil and gas industry, has reviewed and approved the technical information contained in this announcement. Parkmead's evaluation of reserves and resources was completed in accordance with the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers and reviewed and jointly sponsored by the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers.



 

Group statement of profit or loss

for the year ended 30 June 2015

 


Note

2015

2014



£'000

£'000

Continuing operations




Revenue


18,639

24,656

Cost of sales


(39,418)

(21,426)

Impairment of property, plant and equipment

2

(12,905)

-

Gross profit / (loss)


(33,684)

3,230

Exploration and evaluation expenses


(266)

(507)

Administrative expenses

3

1,237

(5,668)

Gain on bargain purchase

4

-

5,003

Operating profit / (loss)


(32,713)

2,058





Finance income


4,074

835

Finance costs


(2,193)

(1,856)

Profit / (loss) before taxation


(30,832)

1,037

Taxation


(529)

200

Profit /(loss) for the year attributable to the equity holders of the Parent


(31,361)

 

1,237




Profit / (loss) per share (pence)



Continuing operations

Basic

5

(35.22)

1.62

Diluted


(35.22)

1.59





 

Group and company statement of profit or loss and other comprehensive income

for the year ended 30 June 2015



  Group

 

  Company



2015

£'000

2014

£'000

2014

£'000

Profit / (loss) for the year


(31,361)

1,237

(8,257)






Other comprehensive income





Items that may be reclassified subsequently to profit or loss





Fair value (loss) / gain on available-for-sale financial assets


(1,506)

428

(1,506)

427



(1,506)

428

427







Other comprehensive (loss) / income for the year, net of tax


(1,506)

428

(1,506)

427

Total comprehensive (loss) / income for the year attributable to the equity holders of the Parent


(32,867)

1,665

(15,957)

(7,830)



Group and company statement of financial position

as at 30 June 2015

 



Group

Company



2015

2014

2015

2014



£'000

£'000

£'000

£'000

 

Non-current assets






 

Property, plant and equipment: development & production


18,717

29,902

-

-

 

Property, plant and equipment: other


139

181

135

168

 

Goodwill


2,174

2,174

-

-

 

Other intangible assets


-

-

-

-

 

Exploration and evaluation assets


33,630

31,225

-

-

 

Investment in subsidiary and joint ventures


-

-

16,640

28,017

 

Available-for-sale financial assets


3,315

4,821

3,315

4,821

 

Deferred tax assets


242

1,235

-

-

 

Total non-current assets


58,217

69,538

20,090

33,006

 







 

Current assets






 

Trade and other receivables


5,978

11,560

45,024

26,091

 

Current tax assets


243

-

-

-

 

Cash and cash equivalents


41,121

46,346

26,069

41,589

 

Total current assets


47,342

57,906

71,093

67,680

 







 

Total assets


105,559

127,444

91,183

100,686

 







 

Current liabilities






 

Trade and other payables


(14,634)

(7,973)

(4,821)

(8,016)

 

Interest-bearing loans and borrowings


(412)

(2,071)

-

-

 

Current tax liabilities


-

(361)

-

-

 

Other provisions


-

(107)

-

(107)

 

Total current liabilities


(15,046)

(10,512)

(4,821)

(8,123)

 







 

Non-current liabilities






 

Interest-bearing loans and borrowings


-

(4,178)

-

(2,000)

 

Other liabilities


(278)

(2,140)

(276)

(2,140)

 

Deferred tax liabilities


(1,284)

(1,593)

-

-

 

Decommissioning provisions


(8,482)

(9,305)

-

-

 

Total non-current liabilities


(10,044)

(17,216)

(276)

(4,140)

 







 

Total liabilities


(25,090)

(27,728)

(5,097)

(12,263)

 







 

Net assets


80,469

99,716

86,086

88,423

 







 

Equity attributable to equity holders






 

Called up share capital


19,533

19,365

19,533

19,365

 

Share premium


87,805

74,967

87,805

74,967

 

Merger reserve


27,187

27,187

27,187

27,187

 

Revaluation reserve


(2,710)

(1,204)

(2,710)

(1,204)

 

Retained deficit


(51,346)

(20,599)

(45,729)

(31,892)

 

Total Equity


80,469

99,716

86,086

88,423

 

 

Group statement of changes in equity

for the year ended 30 June 2015

 


Share capital

Share premium

Merger reserve

Revaluation reserve

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000








At 1 July 2013

18,970

30,448

12,631

(1,632)

(23,074)

37,343








Profit for the year

-

-

-

-

1,237

1,237

Fair value gain on available-for-sale financial assets

-

-

-

428

-

 428

Total comprehensive income for the year

-

-

-

428

1,237

1,665

Issue of new ordinary shares

276

43,883

-

-

-

44,159

Issue of new ordinary shares on acquisition of subsidiary

115

-

14,556

-

-

14,671

Issue of new ordinary shares on asset acquisition

4

636

-

-

-

640

Share-based payments

-

-

-

-

1,238

1,238

At 30 June 2014

19,365

74,967

27,187

(1,204)

(20,599)

99,716








Loss for the year

-

-

-

-

(31,361)

(31,361)

Fair value loss on available-for-sale financial assets

-

-

-

(1,506)

-

(1,506)

Total comprehensive loss for the year

-

-

-

(1,506)

(31,361)

(32,867)

Issue of new ordinary shares

168

12,838

-

-

-

 13,006

Gains arising on repayment of employee share based loans

-

-

-

-

271

271

Share-based payments

-

-

-

-

343

343

At 30 June 2015

19,533

87,805

27,187

(2,710)

(51,346)

80,469

















 

Company statement of changes in equity

for the year ended 30 June 2015  

 


Share capital

Share premium

Merger reserve

Revaluation reserve

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000








At 1 July 2013

18,970

30,448

12,631

(1,631)

(24,872)

35,546








Loss for the year

-

-

-

-

(8,257)

(8,257)

Fair value gain on available-for-sale financial assets

-

-

-

427

-

427

Total comprehensive income (loss) for the year

-

-

-

427

(8,257)

(7,830)

Issue of new ordinary shares

276

43,883

-

-

-

44,159

Issue of new ordinary shares on acquisition of subsidiary

115

-

14,556

-

-

14,671

Issue of new ordinary shares on asset acquisition

4

636

-

-

-

640

Share-based payments

-

-

-

-

1,237

1,237

At 30 June 2014

19,365

74,967

27,187

(1,204)

(31,892)

88,423








Loss for the year

-

-

-

-

(14,451)

(14,451)

Fair value loss on available-for-sale financial assets

-

-

-

(1,506)

-

(1,506)

Total comprehensive loss for the year

-

-

-

(1,506)

(14,451)

(15,957)

Issue of new ordinary shares

168

12,838

-

-

-

13,006

Gains arising on repayment of employee share based loans

-

-

-

-

271

271

Share-based payments

-

-

-

-

343

343

At 30 June 2015

19,533

87,805

27,187

(2,710)

(45,729)

86,086

















 

Group and company statement of cashflows

for the year ended 30 June 2015

 



Group

Company



2015

2014

2015

2014


Note

£'000

£'000

£'000

£'000







Cashflows from operating activities






Continuing activities

6

(1,762)

6,727

(26,859)

(10,865)

Taxation paid


(469)

(303)

-

-

Net cash (used in) / generated by operating activities


(2,231)

6,424

(26,859)

(10,865)







Cash flow from investing activities






Interest received


152

129

146

124

Acquisition of subsidiary, net of cash


-

1,052

-

-

Acquisition of exploration and evaluation assets


(3,485)

(5,677)

-

-

Acquisition of property, plant and equipment: development and production


(9,026)

(4,022)

-

-

Acquisition of property, plant and equipment: other


(55)

(111)

(55)

(111)

Repayment of employee share based loans


271

-

271

-

Net cash (used in) / generated by investing activities


(12,143)

(8,629)

362

13







Cash flow from financing activities






Issue of ordinary shares


13,007

39,546

13,007

39,546

Interest paid


(1,219)

(1,503)

-

(41)

Repayments of loans and borrowings


(2,389)

(3,048)

(2,000)

-

Net cash generated by financing activities


9,399

34,995

11,007

39,505







Net (decrease) / increase in cash and cash equivalents


(4,975)

32,790

(15,490)

28,653







Cash and cash equivalents at beginning of year


46,346

13,269

41,589

12,749

Effect of foreign exchange rate differences


(250)

287

(30)

187

Cash and cash equivalents at end of year


41,121

46,346

26,069

41,589



Notes to the financial information for the year ended 30 June 2015

 

1.   Basis of preparation of the financial information

The financial information set out in this announcement does not comprise the Group and Company's statutory accounts for the years ended 30 June 2015 or 30 June 2014.

 

The financial information has been extracted from the audited statutory accounts for the years ended 30 June 2015 and 30 June 2014. The auditors reported on those accounts; their reports were unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.

 

The statutory accounts for the year ended 30 June 2014 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 30 June 2015 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

The accounting policies are consistent with those applied in the preparation of the interim results for the period ended 31 December 2014 and the statutory accounts for the year ended 30 June 2014, which have been prepared in accordance with International Financial Reporting Standards ("IFRS").

 

2.   Impairment of property, plant and equipment

 

An impairment charge of £12,905,000 was recorded in respect of the Athena producing asset in accordance with IAS 36 "Impairment of assets". The impairment reflected the difference between the carrying book value and the estimated future economic value in use as a result of the global collapse in crude oil prices. Full details of the assumptions applied in the impairment review are detailed in Note 14 of the 2015 Annual Report.

 

3.   Administrative expenses

 

Administration expenses include a credit in respect of a non-cash revaluation of share appreciation rights (SARs) and share based payments totalling £3,695,000 (2014: £2,584,000 expense). The SARs may be settled by cash and are therefore revalued with the movement in share price. The valuation was impacted by the global collapse in oil prices leading to a decline in share price between 30 June 2014 and 30 June 2015.

4.   Gain on bargain purchase

 

The prior year comparative includes a gain on bargain purchase of £5,003,000 in respect of the acquisition of the Lochard Energy Group plc on 26 July 2013. Full details of this business combination were disclosed in the 2014 Annual Report.

 

5.   Profit / (loss) per share

Profit per share attributable to equity holders of the Company arising from continuing operations was as follows:


2015


2014

Profit / (loss) per 1.5p ordinary share from continuing operations (pence)




Basic

(35.22)


1.62

Diluted

(35.22)


1.59

 

 

 

 

 

 

The calculations were based on the following information:


2015


2014


£'000


£'000

Profit / (loss) attributable to ordinary shareholders




Continuing operations

(31,361)


1,237

Total

(31,361)


1,237





Weighted average number of shares in issue




Basic weighted average number of shares

89,048,512


76,215,704





Dilutive potential ordinary shares




Share options

-


1,434,731

 

Profit / (loss) per share is calculated by dividing the profit or loss for the year by the weighted average number of ordinary shares outstanding during the year.

 

Diluted loss per share

Loss per share requires presentation of diluted loss per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share.  When the Group makes a loss the outstanding share options are therefore anti-dilutive and so are not included in dilutive potential ordinary shares.

 

6.   Notes to the statement of cashflows

Reconciliation of operating (loss) / profit to net cash flow from continuing operations

 


Group

Company


2015

2014

2015

2014


£'000

£'000

£'000

£'000

Operating (loss) / profit

(32,713)

2,058

(14,597)

(8,295)

Depreciation

6,422

9,036

88

84

Amortisation and exploration write off

265

322

-

-

Impairment of property, plant and equipment

12,905

-

-

-

Gain on bargain purchase

-

(5,003)

-

-

Provision for share based payments

(3,506)

2,489

(3,506)

2,488

Provision for intercompany receivable

-

-

5,247

-

Impairment in subsidiary

-

-

11,377

3,293

Currency translation adjustments

250

(287)

30

(187)

Decrease / (increase) in receivables

5,582

(3,315)

(24,180)

(11,850)

Increase / (decrease) in payables

9,494

1,334

(857)

3,441

Increase in other provisions

(461)

93

(461)

161

Net cash flow from operations

(1,762)

6,727

(26,859)

(10,865)

 

7.   Approval of this preliminary announcement

This announcement was approved by the Board of Directors on 19 November 2015.

 

8.   Posting of annual report and accounts

Copies of the Annual Report and Accounts will be posted to shareholders shortly. The Annual Report and Accounts will be made available to download, along with a copy of this announcement, on the investor relations section of the Company's website www.parkmeadgroup.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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